Christopher Adams

The Business Herald’s markets and banking reporter.

Govt awards $20m in research and development funding

Steven Joyce.
Steven Joyce.

More than $20 million in government research and development funding has been awarded to 15 technology firms in the latest allocation from Callaghan Innovation's Growth Grants programme.

Those companies include steel framing systems provider Howick, health and wound care product exporter Manuka Health and wireless-charging technology developer PowerbyProxi.

The Growth Grants were introduced by Callaghan - the Government's high-tech business development body - last year and provide 20 per cent funding of research and development expenditure, capped at $5 million annually, over three years.

Eligible companies must spend at least $300,000 and 1.5 per cent of their revenue annually on R&D conducted in New Zealand. After two years of funding businesses can be granted a two-year extension.

Science and Innovation Minister Steven Joyce said the grants allowed high-value manufacturing and services firms to innovate and grow faster.

"That in turn will help lift New Zealand's export revenues, job numbers, and the incomes of Kiwi families," he said.

Immunodiagnostic technology developer Pictor, Pultron Composites - which manufactures reinforced fibreglass products used in the construction sector - and gas analysis device maker Syft Technologies were also allocated funding.

A total of 65 companies have been approved for Growth Grants, worth around $220 million over three years, this year.

The firms

Advanced Management Systems, Connexionz, Howick, Manuka Health New Zealand, Millar Instruments, Nexus6, Pictor, PowerbyProxi, Pultron Composites, Reckon Accountants Group, Sika Technology, Syft Technologies, Trends Publishing International, Truescape, Vynco Industries

- NZ Herald

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